Loading ...Eldorado Gold Announces Amended Investment Plans in Greece
VANCOUVER, Sept. 11, 2017 /CNW/ – Eldorado Gold Corporation (“Eldorado” or the “Company”) today announces plans to suspend investment at its operating mines, development projects and exploration assets in Greece.
Despite repeated attempts by Eldorado and its Greek subsidiary, Hellas Gold, to engage constructively with the Greek government, the Ministry of Energy and Environment (the “Ministry”) and other government agencies, delays continue in issuing routine permits and licences for the construction and development of the Skouries and Olympias projects in Halkidiki, northern Greece. These permitting delays have negatively impacted Eldorado’s project schedules and costs, ultimately hindering the Company’s ability to effectively advance development and operation of these assets.
With the exception of a care and maintenance program and necessary environmental safeguarding costs, Eldorado and its Board of Directors have decided that under present conditions no additional investment will be made into the Kassandra Mines (Olympias, Skouries, Stratoni) in Halkidiki, the Perama Hill and Sapes projects in Thrace, and any exploration activity in the country. Funds that were budgeted to be invested into community spending and infrastructure development will be phased out. Similarly, tax revenues at the municipal, regional and national levels will also be affected.
more https://ceo.ca/@newswire/eldorado-gold-announces-amended-investment-plans-in